When does an ‘employee’ become a ‘representative’ who can be debarred?
Material discrepancies about a newly appointed financial planner’s employment history came to light while she was being on-boarded.
Compliance and Legislation
Accountable institutions: deadlines to submit risk and return compliance returns imminent
The Financial Intelligence Centre reminds accountable institutions listed under Schedule 1 of the Financial Intelligence Centre Act of the looming deadlines to submit their respective risk and compliance return questionnaires by the end of May and July 2023.
Window period for crypto asset FSPs to apply for a licence opens on 1 June
The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.
Section 14(1) ‘knowledge test’ under the spotlight in two debarment matters
In one case, the FSP was still investigating the alleged fraud when it decided to bar the representative.
Trustees of non-PFA fund not bound by a member’s nomination form
A reviewing body will have grounds to intervene only if a fund fails to take into account relevant considerations and ignores irrelevant considerations.
Deadline for report on PAIA requests is 30 June
This is the first time the Information Regulator has asked private bodies to submit this type of report.
Single Financial Ombudsman scheme set to go live in 2024
The amalgamated scheme will later include the FAIS Ombud and the JSE Ombud.
WhatsApp fraudsters are stealing and abusing legitimate FSPs’ branding
FSCA issues a spate of warnings about scammers impersonating authorised FSPs and offering unrealistic returns.
Director’s 10-year debarment excessive, tribunal finds
His FSPs were fined a total of R250 000 for selling two products before they were licensed.
Bargaining councils can’t intrude on retirement funds’ statutory protections
Collective agreements dealing with retirement funds must be concluded with reference not only to employment laws but also the Pension Funds Act.
Bid to join auditor, compliance officer in Insure Group claim fails
High Court rejects arguments that they owed the insurers a statutory duty.
Treasury gives the FIC a R265m boost to fight financial crime
The Centre has launched a new forensic unit to assist law enforcement combat complex money-laundering cases.
Automated payment is not a defence to pension interest claims
The fund said the automated payment of the spouse’s 50% interest was already in process, and the payment could not be stopped.
OM Bridge to pay R3.1m fine as part of agreement with FSCA
Director signs an undertaking not to be involved in the financial services industry for seven years.
Employment equity: are numerical targets merely quotas by another name?
Until now, affirmative action in South Africa has not been underpinned by numerical targets.
Booking for webinar on disciplinary action closes on 19 May
Moonstone Compliance will lay out the best practices for disciplinary procedures.
Time is running out to get your CPD points
And applications are now open for the second semester.
